Is that what the banks are telling us with their sudden burst of strength? Is that what the copper and gold reversals are hinting at? Could that be what's behind the nascent move in the industrials, particularly ones that are levered to China or the mortgage plays that are firming or the restaurant stocks that are on fire, including Panera (PNRA) and Domino's (DPZ), the latter downgraded by Goldman Sachs. Is this how Macy's (M) gets on the new-high list?

How else do you explain a rally that's happening after the Japanese hurt our industry with devaluation, the Europeans did nothing to stimulate growth and our employment claims were horrendous? Could this be when people say, "OK, no kidding, I know everything's crummy, but the consumer's still alive and kicking, you economists out there, despite what you say isn't possible."

Plus, of course, the whole worries about when Ben Bernanke being done buying bonds -- a worry that I now believe is just stoked by the media and isn't even in play -- just go away on this weak data.

Now we know that the second quarter has started hideously for most of the last quarter's winners. As of today, that is looking more and more like simply profit taking. If that's the case then think about the crushed housing plays, the ones that have nothing to do with overseas. Those have a ton of room to rally. They might be the best place for the next move higher given the scenario we now face. Consider Toll Brothers (TOL), which is down GIGANTICALLY, or Radian (RDN) with the wind at its back.

They are what makes sense to me after this selloff of somewhat incredible proportions buried within a decent tape for Verizon (VZ), Wal-Mart (WMT) and, yes, Bristol-Myers (BMY).